Community banking

First Bancshares in Mississippi Raises $20M to Fund Acquisition

By Chris Cumming March 22, 2013, 1:21 p.m. EDT 1 Min Read

First Bancshares (FBMS) in Hattiesburg, Miss., has raised $20 million to finance its purchase of a bankrupt Gulf Coast lender.

The company said Friday that it sold nearly 2 million shares of nonvoting preferred stock at $10.25 each. The preferred shares will automatically convert to common stock if shareholder approve the conversion at a May 23 meeting.

In January, First Bancshares agreed to buy the $185 million-asset First National Bank of Baldwin in Foley, Ala. First National planned to file for Chapter 11 bankruptcy as a condition of the merger.

"The offering was oversubscribed and was a vote of confidence by the investment community showing strong support for our company and its strategic plan," Ray Cole, the company's president and chief executive, said in a press release. The capital "will allow the company to continue to grow organically and will support the capital needs of the potential acquisition of First National Bank of Baldwin County."

For reprint and licensing requests for this article, click here.

Community banking

MORE FROM AMERICAN BANKER

Treasury Department

Bessent to be Treasury nominee, Trump taps Turner for HUD

Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.

By Kyle Campbell

November 22
Artificial intelligence

Fed's Bowman: Regulators 'must have an openness' to AI

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

By John Heltman

November 22
Succession planning

First Foundation's new CEO has history of priming banks to sell

The Dallas bank's new CEO, Thomas Shafer, served in top roles at a number of banks that were subsequently acquired before he stepped away from the industry in 2022.

By Catherine Leffert

November 22
Federal Reserve

Fed: Elevated asset valuations could threaten financial stability

In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.

By Kyle Campbell

November 22
SBA

A small-dollar business lending scheme finds a niche at Huntington

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

By John Reosti

November 22
Payments

JPMorgan Chase, Mastercard sell crypto-style B2B payment tech

The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.

By John Adams

November 22